9911796707
TMI Blog2020 (4) TMI 53X X X X Extracts X X X X X X X X Extracts X X X X ..... he substantial question of law as framed in the memorandum of appeal, which reads as follows:- (i) "Whether the Appellate Tribunal was legally justified in upholding estimation of peak credit made by A.O. without rejecting books of accounts?" In the facts of the instant case, we notice that an assessment order was passed on 21th December, 2009, relevant portion whereof is reproduced hereinbelow a ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ank could not be posted in the accounts of the year in question. Whereas the reality is that since the assessee, earlier, did not have any account at all but on having been demanded during the tax assessment proceedings, he prepared all the accounts just in hurry and committed mistake. He has fabricated all the accounts. He is not able to verify the sale-purchase which he has shown in these ac ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... d on the income of Rs.- 11,43,443/-. Demand letter and challan be issued and interest be separately charged as per the rule under sections 234A, 234B, 234C. As well, penalty notice also be issued under section 271(1) (c) of the Income Tax Act, because the assessee has concealed his income and submitted false details/evidence in this regard. Date: 21.12.2009 &n ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... al - II raising certain grounds which have been quoted in the order of the learned Appellate Tribunal dated 2nd May, 2016. The learned Appellate Tribunal, while disposing of the appeal, has made the following observation in paragraph 6, which is relevant for the purpose of answering the question of law sought to be raised before us:- 6. "We may state that the assessee could not establish with an ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the above clearly reveals that in the fact situation of the case, the learned counsel had tried to rework the amount of peak credits, but the learned Appellate Tribunal was not impressed with that working since it was self serving. As such, in the facts and circumstances of the instant case, the learned Appellate Tribunal cannot be held to have not been legally justified in upholding estimation o ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
